Coinbase，比特币和国库问题：一个新时代？

Coinbase在股票和机构利益的上升中探讨了“长比特币”战略。这是公司比特币国库趋势的曙光吗？

Yo, crypto fam! Ever wonder what happens when Wall Street meets Bitcoin? Buckle up, because the intersection of Coinbase, Bitcoin, and corporate treasuries is getting wilder than a Times Square street performer.

哟，加密货币。有没有想过当华尔街遇到比特币时会发生什么？扣紧，因为Coinbase，Bitcoin和Corporate Teareasuries的交集比时代广场街的表演者变得越来越荒野。

Coinbase's Bitcoin Buildup: A Treasury in the Making?

Coinbase的比特币建筑：制造中的财政部？

Coinbase CEO Brian Armstrong dropped a bomb (a small one) on June 27th, revealing the exchange is steadily stacking sats weekly. Word on the street is this could be the start of a full-blown Bitcoin treasury strategy, echoing moves by firms like MicroStrategy. While Armstrong’s playing coy about the exact intentions, the timing has everyone’s Spidey senses tingling.

Coinbase首席执行官Brian Armstrong于6月27日放下了一枚炸弹（一只小炸弹），透露该交流每周都在稳步堆叠。街上的消息是，这可能是一个成熟的比特币国库策略的开始，这与MicroStrategy这样的公司呼应了动作。当阿姆斯特朗（Armstrong）对确切意图的傻笑时，时机使每个人的脚步都感受到刺痛感。

It's a 180 from Coinbase's previous stance, where they deemed a major Bitcoin allocation too risky. But hey, times change, and so do balance sheets.

这是Coinbase以前的立场的180，他们认为主要的比特币分配太冒险了。但是，嘿，时代改变了，平衡表也可以。

COIN to the Moon: A New ATH

月球硬币：新的Ath

Adding fuel to the fire, COIN stock just hit a new all-time high, reaching levels not seen since November 2021. After-hours trading even pushed it higher. This surge aligns with the broader pro-crypto vibes in the U.S., where investors are hungry for digital assets and crypto-related equities.

为了增加燃料，硬币股票刚刚达到了新的历史最高水平，达到了自2021年11月以来就没有看到的水平。下班后交易甚至将其提高了。这次激增与美国更广泛的亲克赖普托共鸣相吻合，在美国，投资者渴望与数字资产和与加密相关的股票。

Bitcoin Moving to Big Money

比特币转移到大钱

On-chain data suggests Bitcoin “weak hands” are selling their holdings to larger investors. Retail investors are reducing holdings, while wallets with 1,000 BTC or more are expanding exposure. Institutions are absorbing about seven times more BTC than retail investors are selling, raising the possibility of a true “supply squeeze” amid strong buying pressure.

链上的数据表明，比特币“弱者”将其持股量出售给更大的投资者。散户投资者正在减少持股，而1,000 BTC或更多的钱包正在扩大曝光率。机构吸收的BTC比散户投资者的销售高约七倍，这在强烈的购买压力下增加了真正的“供应挤压”的可能性。

The S&P 500 Effect: Legitimacy Boost

标准普尔500指数效果：合法性提升

Coinbase's inclusion in the S&P 500 back in May 2025 was a game-changer. Index funds now have to buy and hold COIN, creating a more stable ownership structure. It's like the ultimate stamp of approval, bringing in mainstream investors who previously steered clear of crypto's wild ride.

2025年5月，Coinbase将其纳入标准普尔500指数是一个改变游戏规则的人。指数基金现在必须购买和持有硬币，从而创造出更稳定的所有权结构。这就像终极认可邮票一样，引入了主流投资者，他们以前避开了加密货币的狂野骑行。

Stablecoin Shenanigans: A Revenue Goldmine

Stablecoin Shenanigans：收入Goldmine

Coinbase's cozy relationship with Circle (the USDC stablecoin folks) is another key piece of the puzzle. They rake in a hefty chunk of change from USDC reserve interest, creating a sweet recurring revenue stream. USDC’s transparency and regulatory compliance give it an edge in the increasingly scrutinized stablecoin market.

Coinbase与Circle（USDC Stablecoin的人们）的舒适关系是难题的另一个关键部分。他们从USDC储备金的兴趣中夺走了大量的变化，创造了一个甜蜜的经常性收入来源。 USDC的透明度和法规合规性使其在日益严格的Stablecoin市场中具有优势。

Is It All Sunshine and Rainbows?

都是阳光和彩虹吗？

Not so fast. Coinbase's high market cap comes with high expectations. Some analysts are warning that more companies embracing Bitcoin treasury strategies could create structural imbalances and increase volatility. Coinbase's Head of Research, David Duong, even warned that if these large corporate holders are forced to sell under market pressure, it could trigger ripple effects.

不那么快。 Coinbase的高市值具有很高的期望。一些分析师警告说，越来越多的公司采用比特币国库策略会造成结构性失衡并增加波动。 Coinbase的研究主管David Duong甚至警告说，如果这些大型公司持有人被迫在市场压力下出售，它可能会触发连锁反应。

Bitcoin Treasury Corp: Enter the Scene

比特币国库公司：进入现场

Adding another layer to the story, Bitcoin Treasury Corp. recently completed a brokered share offering and aims to provide institutional-grade services tied to the digital asset economy.

比特币国库公司（Bitcoin Corper.

Final Thoughts: Are We There Yet?

最终想法：我们在那里吗？

So, is Coinbase officially building a Bitcoin treasury? Is this the start of a broader corporate trend? The tea leaves are certainly pointing that way. But as always, in the world of crypto, anything can happen. One thing's for sure: it's gonna be one heck of a show to watch.

那么，Coinbase是否正式建立比特币国库？这是更广泛的公司趋势的开始吗？茶叶当然是这样指出的。但是，与往常一样，在加密世界中，任何事情都可能发生。可以肯定的是：这将是一个值得一看的表演。

Until next time, keep your eyes on the charts and your wits about you. And remember, even in the midst of financial revolution, a little humor never hurts. Peace out!

直到下一次，请关注图表和智慧。还要记住，即使在金融革命中，有些幽默也永远不会受到伤害。和平！